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School of Business BUACC2603: Corporate Accounting School of Business BUACC2603: Corporate Accounting Summer 2011-12ASSIGNMENTThis assignment constitutes 25 per cent of the marks in this unit. All four parts are to be completed. Due date 8 am Monday 23January 2012Assessment Criteria:Student work will generally be assessed in terms of the following criteria:1.Effectiveness of communication - ie readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment. Work that is illegible or incomprehensible and does not meet the minimum requirement will be awarded a fail grade.2.Demonstrated understanding - This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. Few, if any, accounting concepts are scientific facts and stereotype answers will demonstrate poor understanding on the part of the student.3.Evidence of research - This will be evidenced by the references made to the statutes, accounting standards, books, journal articles and inclusion of a bibliography.Note:1.-Must not go beyong the deadline which is 8 am January 23,2012.- must meet the advised word length- should be in accordance with Australian Accounting Standards2.For all written work students must ensure that they submit their own original work. Any act of plagiarism will be severely penalised.Part A (7.5 marks)(1,000 words)As accounting standards globalise, the standard setting bodies face the challenge of accommodating the Islamic prohibition on interest, and other aspects of Sharia law, into money making.There are two contrasting views on how to account for Islamic financial transactions.A separate set of Islamic accounting standards is required; orInternational Financial Reporting Standards can be applied to Islamic financial transactions.The differing approaches to accounting for Islamic financial transactions can be generally attributed to opposing views on two main points of contention.The acceptability of reflecting a time value of money in reporting an Islamic financial transaction; andThe conventional approach of recognising and measuring the economic substance of a transaction, rather than its legal form.DiscussPart B (10 marks) (1,200 words)In the Australian accounting sphere the concept of due process is applied within the institutional arrangements for regulating financial reporting and falls particularly within the promulgation of accounting standards. What is due process.Is there a difference in due process in law and the due process as applied within the accounting standard setting regimeWhat is procedural due process and substantive due process. Is there a difference and if so what is it.Part C (7.5 marks) (1,000 words)It is well documented that the setting of accounting standards is the outcome of a political, rather than a technical or economic, process. Regulatory bodies endeavour to balance the competing demands and views of lobbyists, while also being mindful of their own situation and the extent to which their activities fall within the ambit of their political masters.If accounting rules have widespread and significant economic and social implications, then proposed accounting rules would be of interest to many individuals and groups, whose wealth and welfare may be affected. Lists of Exposure Drafts Proposed Amendments to AASB 132 Financial Instruments: Presentation and AASB 101 Presentation of Financial Statements150Australian Additions to, and Deletions from IFRSs151Proposed Amendments to AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards – Cost of an Investment in a subsidiary152Proposed Amendments to AASB 124 – Related Party Disclosures – State-controlled Entities and the Definition of a Related Party153Proposed Amendments to AASB 102 – Inventories Held for Distribution by Not for Profit Entities154Financial Reporting by Whole of Governments155Proposals Arising from the Short-term Review of the Requirements in AAS 27, AAS 29 and AAS 31”156Joint Arrangements157Proposed Amendments to AASB 139 Financial Instruments: Recognition and Measurement – Exposures Qualifying for Hedge Accounting 158Proposed Improvements to Australian Accounting Standards159Proposed Amendments to AASB 1 First-time Adoption of International Financial Reporting Standards and AASB 127 Consolidated and Separate Financial Statements - Cost of an Investment in a Subsidiary, Jointly-Controlled Entity or Associate160Proposed Amendments to AASB 2 Share-based Payment and AASB Interpretation 11 AASB 2 - Group and Treasury Share Transactions - Group Cash-settled Share-based Payment Transactions 161Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities162Proposed Amendments to AASB 1049 for Consistency with AASB 101 163An improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information164Proposed Improvements to Australian Accounting Standards165Simplifying Earnings per Share: Proposed Amendments to AASB 133166 Discontinued Operations: Proposed Amendments to AASB 5167Additional Exemptions for First-time Adopters: Proposed amendments to AASB 1168Improving Disclosures about Financial Instruments: Proposed amendments to AASB 7169Relationships with the State Proposed amendments to AASB 124170Consolidated Financial Statements171 Embedded Derivatives (Proposed Amendments to AASB Interpretation 9 and AASB 139)172 Investments in Debt Instruments (Proposed Amendments to AASB 7)173 Amendments to Australian Accounting Standards to facilitate GAAP/GFS Harmonisation for Entities within the GGS174Post-implementation Revisions to AASB interpretations175Proposed Amendments to Australian Accounting Standards - Borrowing Costs of Not-for-Profit Public Sector Entities176Derecognition (Proposed Amendments to AASB 139 and AASB 7)177Income tax178 Superannuation Plans and Approved Deposit Funds179 Income from Non-exchange Transactions (Taxes and Transfers)180Fair Value Measurement181Prepayments of a Minimum Funding Requirement182Management Commentary183Financial Instruments: Classification and Measurement184Rate-regulated Activities185Classification of Rights Issues (proposed amendment to AASB 132)186Discount Rate for Employee Benefits (proposed amendments to AASB 119)187Improvements to IFRSs188Financial Instruments: Amortised Cost and Impairment189Limited Exemption from Comparative AASB 7 Disclosures for First-time Adopters (proposed amendment to AASB 1)190Measurement of Liabilities in AASB 137 (Limited re-exposure of proposed amendment to AASB 137)191Revised Differential Reporting Framework192Conceptual Framework for Financial Reporting: The Reporting Entity193Request for Comment on IPSASB Exposure Draft 'Service Concession Arrangements: Grantor’194Defined Benefit Plans (proposed amendments to AASB 119195Fair Value Option for Financial Liabilities196Exposure Draft 197 – Presentation of Items of Other Comprehensive Income 197Revenue from Contracts with Customers198Measurement Uncertainty Analysis Disclosure for Fair Value Measurements (Limited re-exposure of proposed disclosure199200A Proposals to Harmonise Australian and New Zealand Standards in Relation to Entities Applying IFRSs as Adopted in Australia and New Zealand200 200B Proposed Separate Disclosure StandardsChoose ten Exposure Drafts between ED150 and ED200 and comment on who is submitting (Go to the AASB site) and any other generalities you consider interesting.
Corporate accounting

Corporate accounting

Question # 00058359 Posted By: solutionshere Updated on: 03/31/2015 08:31 AM Due on: 03/31/2015
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Summer 2011-12

ASSIGNMENT

This assignment constitutes 25 per cent of the marks in this unit. All four parts are to be completed. Due date 8 am Monday 23January 2012

Assessment Criteria:

Student work will generally be assessed in terms of the following criteria:

1. Effectiveness of communication - ie readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment. Work that is illegible or incomprehensible and does not meet the minimum requirement will be awarded a fail grade.

2. Demonstrated understanding - This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. Few, if any, accounting concepts are scientific facts and stereotype answers will demonstrate poor understanding on the part of the student.

3. Evidence of research - This will be evidenced by the references made to the statutes, accounting standards, books, journal articles and inclusion of a bibliography.

Note:

1.-Must not go beyong the deadline which is 8 am January 23,2012.

- must meet the advised word length

- should be in accordance with Australian Accounting Standards

2. For all written work students must ensure that they submit their own original work. Any act of plagiarism will be severely penalised.

Part A (7.5 marks)(1,000 words)

As accounting standards globalise, the standard setting bodies face the challenge of accommodating the Islamic prohibition on interest, and other aspects of Sharia law, into money making.

There are two contrasting views on how to account for Islamic financial transactions.

a) A separate set of Islamic accounting standards is required; or

b) International Financial Reporting Standards can be applied to Islamic financial transactions.

The differing approaches to accounting for Islamic financial transactions can be generally attributed to opposing views on two main points of contention.

a) The acceptability of reflecting a time value of money in reporting an Islamic financial transaction; and

b) The conventional approach of recognising and measuring the economic substance of a transaction, rather than its legal form.

Discuss

Part B (10 marks) (1,200 words)

In the Australian accounting sphere the concept of due process is applied within the institutional arrangements for regulating financial reporting and falls particularly within the promulgation of accounting standards.

a) What is due process.

b) Is there a difference in due process in law and the due process as applied within the accounting standard setting regime

c) What is procedural due process and substantive due process. Is there a difference and if so what is it.

Part C (7.5 marks) (1,000 words)

It is well documented that the setting of accounting standards is the outcome of a political, rather than a technical or economic, process. Regulatory bodies endeavour to balance the competing demands and views of lobbyists, while also being mindful of their own situation and the extent to which their activities fall within the ambit of their political masters.

If accounting rules have widespread and significant economic and social implications, then proposed accounting rules would be of interest to many individuals and groups, whose wealth and welfare may be affected.

Lists of Exposure Drafts

Proposed Amendments to AASB 132 Financial Instruments: Presentation and AASB 101 Presentation of Financial Statements

150

Australian Additions to, and Deletions from IFRSs

151

Proposed Amendments to AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards – Cost of an Investment in a subsidiary

152

Proposed Amendments to AASB 124 – Related Party Disclosures – State-controlled Entities and the Definition of a Related Party

153

Proposed Amendments to AASB 102 – Inventories Held for Distribution by Not for Profit Entities

154

Financial Reporting by Whole of Governments

155

Proposals Arising from the Short-term Review of the Requirements in AAS 27, AAS 29 and AAS 31”

156

Joint Arrangements

157

Proposed Amendments to AASB 139 Financial Instruments: Recognition and Measurement – Exposures Qualifying for Hedge Accounting

158

Proposed Improvements to Australian Accounting Standards

159

Proposed Amendments to AASB 1 First-time Adoption of International Financial Reporting Standards and AASB 127Consolidated and Separate Financial Statements - Cost of an Investment in a Subsidiary, Jointly-Controlled Entity or Associate

160

Proposed Amendments to AASB 2 Share-based Payment and AASB Interpretation 11 AASB 2 - Group and Treasury Share Transactions - Group Cash-settled Share-based Payment Transactions

161

Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities

162

Proposed Amendments to AASB 1049 for Consistency with AASB 101

163

An improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information

164

Proposed Improvements to Australian Accounting Standards

165

Simplifying Earnings per Share: Proposed Amendments to AASB 133

166

Discontinued Operations: Proposed Amendments to AASB 5

167

Additional Exemptions for First-time Adopters: Proposed amendments to AASB 1

168

Improving Disclosures about Financial Instruments: Proposed amendments to AASB 7

169

Relationships with the State Proposed amendments to AASB 124

170

Consolidated Financial Statements

171

Embedded Derivatives (Proposed Amendments to AASB Interpretation 9 and AASB 139)

172

Investments in Debt Instruments (Proposed Amendments to AASB 7)

173

Amendments to Australian Accounting Standards to facilitate GAAP/GFS Harmonisation for Entities within the GGS

174

Post-implementation Revisions to AASB interpretations

175

Proposed Amendments to Australian Accounting Standards - Borrowing Costs of Not-for-Profit Public Sector Entities

176

Derecognition (Proposed Amendments to AASB 139 and AASB 7)

177

Income tax

178

Superannuation Plans and Approved Deposit Funds

179

Income from Non-exchange Transactions (Taxes and Transfers)

180

Fair Value Measurement

181

Prepayments of a Minimum Funding Requirement

182

Management Commentary

183

Financial Instruments: Classification and Measurement

184

Rate-regulated Activities

185

Classification of Rights Issues (proposed amendment to AASB 132)

186

Discount Rate for Employee Benefits (proposed amendments to AASB 119)

187

Improvements to IFRSs

188

Financial Instruments: Amortised Cost and Impairment

189

Limited Exemption from Comparative AASB 7 Disclosures for First-time Adopters (proposed amendment to AASB 1)

190

Measurement of Liabilities in AASB 137 (Limited re-exposure of proposed amendment to AASB 137)

191

Revised Differential Reporting Framework

192

Conceptual Framework for Financial Reporting: The Reporting Entity

193

Request for Comment on IPSASB Exposure Draft 'Service Concession Arrangements: Grantor’

194

Defined Benefit Plans (proposed amendments to AASB 119

195

Fair Value Option for Financial Liabilities

196

Exposure Draft 197 – Presentation of Items of Other Comprehensive Income

197

Revenue from Contracts with Customers

198

Measurement Uncertainty Analysis Disclosure for Fair Value Measurements (Limited re-exposure of proposed disclosure

199

200A Proposals to Harmonise Australian and New Zealand Standards in Relation to Entities Applying IFRSs as Adopted in Australia and New Zealand

200

200B Proposed Separate Disclosure Standards

Choose ten Exposure Drafts between ED150 and ED200 and comment on who is submitting (Go to the AASB site) and any other generalities you consider interesting.

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